After the markets closed yesterday, Mammoth Energy announced that it completed the acquisition of a 15% working interest in 17 wells located in Oklahoma. According to the PR, the wells are currently cash flow positive and a full accounting of the production and engineering of the wells is expected to be completed by the end of this month.
The company’s Chief Executive Officer, Joe Overcash, stated, “This acquisition gives us needed immediate cash flow to fund our exploration and development strategies in Oklahoma.” Wall Street News Alert is placing aggressive investors on alert to monitor the progress of the company as it has also recently re-organized the sale of its prior assets to leave the company free of the majority of debt acquired.
The company is expected to drill 3 wells at a time on its Oklahoma property, which will allow the company to use its funds in the most efficient manner. Mammoth Energy is currently focused on quickly expanding its production base in Noble and Kay County by having approximately 30 wells on-line by the end of 2007.
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